Election Debate Ignores Temporary Work Visa Woes as KiwiSaver Contributions Loom
New Zealand's election debate is sidestepping a crucial issue: the impact of temporary work visas on local wages and infrastructure. Both Labour and NZ First are focusing on residency numbers, but this means they're ignoring the problems caused by granting over 230,000 temporary work visas each year.
Labour wants to force workers and/or firms to contribute up to $14 billion annually to KiwiSaver, an investment scheme that puts money into overseas company shares and bonds. This move could divert significant spending from the domestic economy.
A new paper warns that if New Zealand Superannuation remains unchanged, it could consume 30% of tax revenues by 2065. The eligibility age, wage indexation, and universality of the pension need to be re-examined to avoid this outcome.
The cost of diesel fuel may skyrocket in the weeks leading up to the November 7 election due to a potential US ban on diesel exports by Donald Trump ahead of the US mid-term elections on November 3.